2016 - A Bad Year for the Oil & Gas Industries ?

That article is from March 23rd 2015.
 
I know last year was bad if you flew down in the Gulf. Laid off a bunch of pilots.
 
The banks will get no sympathy from me. They screwed themselves with sub-prime mortgages before the housing bubble burst and likely have loaned a ton of money to drillers whose credit was marginal. They made their own bed, now they can face the consequences.
 
Would be nice if the savings went back into the economy. The major companies,like the airlines,are saving the money they make ,and not putting it back in the economy,or lowering prices for the consumer.
 
frfly172 said:
Would be nice if the savings went back into the economy. The major companies,like the airlines,are saving the money they make ,and not putting it back in the economy,or lowering prices for the consumer.
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This shouldn't surprise you.

The good times for the US airlines will not last forever. Having savings to help them get through the next downturn is essential.
 
Norman said:
The banks will get no sympathy from me. They screwed themselves with sub-prime mortgages before the housing bubble burst and likely have loaned a ton of money to drillers whose credit was marginal. They made their own bed, now they can face the consequences.
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I frankly couldn't care less about the banks. I think we'd be a lot better off if they all went out of business. But the havoc they create for innocent victims of their greed, mismanagement, and shortsightedness is tragic.

Rich
 
My wife works in the oil industry with a large independent, so we're sweating a little right now. Fortunately her company has little debt and is in a good position to ride out the storm for a while without laying a buncha people off. Its definately a feast or famine industry.
 
It's a short term problem. You know prices can't stay this low for long.
 
Forgive me if I don't mourn the fact that oil and gas will make slightly less amounts of billions of dollars this year.
 
I have 3 friends in oil and gas industry who've been laid off this year. Cheap gas at the pump has not been good for them.
 
Caramon13 said:
Forgive me if I don't mourn the fact that oil and gas will make slightly less amounts of billions of dollars this year.
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Yeah, I recall reading about record profits for them in the not too distant past. Several billions in profits each QUARTER. I'll enjoy my cheap gas while it lasts, thank you.

Don't get me wrong, I feel for the people who lose their jobs during the lean times. But no sympathy for their employers.
 
Caramon13 said:
Forgive me if I don't mourn the fact that oil and gas will make slightly less amounts of billions of dollars this year.
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Although the 'industry' makes billions, it also EMPLOYS thousands! Thousands of which have been laid off. Im not a huge fan of the money some of the top execs and companies make, but Im definately a fan of keeping my wife employed.
 
JCranford said:
Although the 'industry' makes billions, it also EMPLOYS thousands! Thousands of which have been laid off. Im not a huge fan of the money some of the top execs and companies make, but Im definately a fan of keeping my wife employed.
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Yep and I echo @Gerhardt in saying my comment was not directed at the employees who get to suffer for the benefit of corporate greed.
 
Just to be clear: Nothing about my link showing that banks are having trouble with the bad debt, should have been construed as me giving a crap if banks run their business right or not, or if they even hurt themselves.

The assumption behind the post was that they've purchased enough politicians that we'll all be paying for their errors again, like last time. And the time before that. And the time before that. And...
 
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